Singapore’s non-oil exports surge in April after 2-month decline as electronics shipments continue to fall

Singapore’s non-oil domestic exports received a boost in April as growth in non-electronic exports outweighed the fall in electronics shipments.
The Straits Times

Singapore’s non-oil domestic exports have gone through an upsurge in April after experiencing an initial decline in the previous two months.

This is even as electronics shipments continued to plunge, according to statistics published by Enterprise Singapore on Thursday (May 17).

Non-oil domestic exports (NODX) saw a jump of 11.8% in April 2018, compared with a previous decline by 3.2% in March and 6% in February. Enterprise Singapore attributed the increase to the growth in non-electronic exports which outweighed the decrease in electronics exports.

Electronic product shipments have remained on a decline albeit at a slower pace as electronic NODX decreased by 6.9% in April, following the 7.5% decrease in March.

Personal computer parts, integrated circuits, and diodes and transistors fell by 42.5%, 5.5% and 20% respectively, contributing the most to the drop in electronic domestic exports.

On the contrary, non-electronic NODX have expanded by 19.6% in April after an initial decline of 1.7% in the previous month.

Its growth was mainly contributed by non-monetary gold, pharmaceuticals and food preparations which increased by 84.5%, 43.7% and 140.6% respectively.

Enterprise Singapore also noted a growth in NODX to a majority of Singapore’s top 10 markets with the exception of Taiwan, South Korea, Malaysia and Hong Kong. The largest contributors to growth were China, the European Union and the US.